RUPERT Murdoch’s News Corp will be investing new data-rich technologies into the iProperty web platform via its affiliate REA Group Ltd, to further enhance its digital content service offerings.
“We have a lot of project technology within REA that are data-rich, which we tend to bring into the Malaysia-based iProperty and a lot of that relates targeted marketing.
“The apps that we use are location-based, offering interactive information such as location, floor size, cost associated with purchases, contents, videos and a host of information that are very important to real estate developers, sellers and buyers,” News Corp Australasia executive chairman Michael Miller told Business Times in an interview recently.
REA Group completed the acquisition of property web portal iProperty Group early this year.
REA Group, an Australian real estate website company and operator of realestate.com.au, is 61 per cent-owned by News Corp and has a market value of A$6.22 billion (RM20.5 billion), according to Catcha.
The global media company acquired a 17.22 per cent stake in iProperty Group in 2014 and later increased its stake to 22.7 per cent in July last year.
In November last year, the company purchased the remaining shares at A$4 per share, or A$578 million in total.
The deal valued the iProperty Group at about A$750.8 million, according to news reports.
In addition, the “game changer” deal will add iProperty’s property portals in Malaysia, Hong Kong, Thailand and Indonesia to REA’s stable, giving the latter exposure to a rapidly-growing Southeast Asian markets.
For the three months ended September 30, News Corp reported revenue of US$1.97 billion (RM8.7 billion) compared with US$2.01 billion a year ago.
Digital real estate services segment revenue grew 18 per cent while digital revenues increased to 24 per cent of news and information services segment revenue from 20 per cent previously.
The company said while the quarter presented some obvious challenges, particularly in print advertising and the weakness of the pound sterling, revenues were relatively stable, underscoring the strength and scale of its portfolio and shift to digital.
Despite ongoing political and economic uncertainty, particularly in the United States and United Kingdom markets, the company said it would remain focused on expanding revenues and driving higher long-term value for its investors.
News Corp owns dozens of newspapers, including The Daily Telegraph, The Australian, the Herald Sun and the Foxtel network.
It also owns and publishes HarperCollins, UK newspapers The Times and The Sun, US newspaper The Wall Street Journal, 20th Century Fox, Fox News, National Geographic and scores of other businesses and media outlets.